Oil prices fell amid a push by President Joe Biden to bring down soaring fuel costs in the United States.US West Texas Intermediate crude futures also slid 5.46 percent, at $104.1 a barrel. Similarly, Brent crude futures dropped $5.67, or 4.51%, to $109.98 a barrel.
Biden is expected to suspend the 18.
Demand is not back to pre-COVID levels and supply is expected to lag demand growth, keeping the market tight, trading giant Vitol“From here, a more likely outcome is a widening of the Brent premium over WTI,” Jeffrey Halley, an analyst at energy consultancy OANDA said.For Nigeria, perennial challenges continue to dwindle the country’s oil production capacity, leading to petrol scarcity.
On Monday, queues for petrol resurfaced in Lagos days after scarcity reared its head in Ibadan, Oyo state.that petrol scarcity would continue as available statistics showed the country is experiencing acutely low crude oil production. In May, Nigeria’s oil output dropped to 1.02 million barrels per day — the lowest figure in record time.
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